Alternative Online Consumer Payments - New Javelin Research
Javelin Strategy & Research has released a new report evaluating providers of alternative payment solutions for online retail transactions. The report, Predicting Alternative Payments Vendor Success: Balancing Needs Among Banks, Merchants, and Consumers reviews services provided by nine vendors: Acculynk, eBillme, HomeATM, Mazooma, Moneta, NACHA SVP, Noca, SeerGate, and Verient.
"Several emerging methods are strong at balancing the needs of banks, merchants and consumers, which historically predicts success in new payment methods. None of the solutions are perfect, yet we found many vital differences among those we analyzed," said Mary Monahan, Managing Partner and Research Director.
Key Findings from the Report Include:
- The three vendor solutions that come closest to widespread success are those offered by Acculynk, eBillme and Moneta – with Verient’s platform finishing close behind.
- Many former alternatives for online retail transactions are quickly going mainstream.
- Emerging payment methods from traditional payment providers have the advantage of trusted brands and established networks for issuance, acceptance and processing.
- To retain and grow valuable customer relationships, financial institutions must offer dynamic, alternative payment solutions that meet consumer, merchant and bank needs.
"Financial institutions are faced with increasing competition from non-financial institution payment brands, such as PayPal, that seek to usurp transaction volume, particularly online," said Bruce Cundiff, Director of Payments Research and Consulting. "As consumers shift from credit cards to various forms of ‘pay-now’ methods, financial institutions must offer new payment methods to remain the primary and all-around trusted financial provider."
Add your comment... (note that all comments are reviewed before they're published)